TL;DR Breakdown
- Paytm, Indian payment firm considering offering crypto service.
- Payment firm is being held back by crypto regulatory uncertainty in India.
- More payment platforms continue to target Bitcoin.
Paytm, India’s largest digital payment platform, said on Thursday that it would consider offering Bitcoin service. However, it is still thinking and is being hindered by crypto regulatory irregularities in the country.
Paytm’s chief financial officer Madhur Deora, while speaking during an interview on Bloomberg TV, confirmed this, saying that the rules surrounding Bitcoin (BTC) remain in a “grey area” in India.
Paytm is one of India’s largest mobile payment platforms, with over 330 million users, which it could bring access to simplified Bitcoin payments if granted approval.
Regulation, Paytm’s major setback
Deora, while speaking to Bloomberg, discussed Paytm’s growth and subsequent funding from international blue-chip companies. He disclosed that his company was riding the “strong tailwinds” of digital payments to fuel its massive growth.
When asked if one of Paytm’s new payment options could include Bitcoin. In response, Deora left the possibility open, should India allow it.
“Bitcoin is still in a regulatory grey area if not a regulatory ban in India. At the moment, Paytm does not do Bitcoin. If it were ever to become fully legal in the country, then clearly there could be offerings we could launch, which would benefit us and benefit users.”
The Asian country has been blowing hot and cold on cryptocurrencies but now seems open to the technology. The Reserve Bank of India (RBI) had initially prohibited cryptocurrencies, but India’s Supreme Court reversed the decision in March 2020. Ever since then, the country has not taken any strong stand for or against cryptos.
While the government has considered crypto legislation, the RBI has steadfastly opposed it and is still pushing for a ban.
Payment platforms continue to target Bitcoin
More and more payment solutions have continued to target Bitcoin. Payment giants Paypal launched its “super-wallet” update in September, allowing users experience the basic functionality of a crypto wallet.
Similarly, Jack Dorsey has been pushing for expanding Bitcoin payment options to commonly used apps. Twitter enabled Bitcoin tip last month.
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